The Manufacturers Life Insurance Company boosted its holdings in shares of Tricon Residential Inc. (NYSE:TCN – Get Rating) by 0.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,541,452 shares of the company's stock after purchasing an additional 8,179 shares during the period. The Manufacturers Life Insurance Company owned about 0.56% of Tricon Residential worth $13,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TCN. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Tricon Residential in the first quarter worth about $39,000. Advisors Asset Management Inc. acquired a new position in shares of Tricon Residential in the first quarter worth about $42,000. Grayhawk Investment Strategies Inc. acquired a new position in shares of Tricon Residential in the second quarter worth about $48,000. Power Corp of Canada acquired a new position in shares of Tricon Residential in the first quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Tricon Residential in the second quarter worth about $72,000. 57.41% of the stock is currently owned by institutional investors and hedge funds.
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Tricon Residential Stock Performance
NYSE:TCN opened at $8.48 on Friday. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 3.56 and a beta of 1.05. The company's 50-day moving average is $8.14 and its two-hundred day moving average is $9.26. Tricon Residential Inc. has a 1-year low of $7.18 and a 1-year high of $17.23.
Tricon Residential (NYSE:TCN – Get Rating) last posted its earnings results on Tuesday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.33. The company had revenue of $170.77 million for the quarter. Tricon Residential had a net
margin of 149.77% and a return on equity of 25.87%. Analysts forecast that Tricon Residential Inc. will post 0.69 EPS for the current year.
Tricon Residential Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Sunday, January 15th. Shareholders of record on Saturday, December 31st were issued a $0.058 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.23 annualized dividend and a yield of 2.74%. Tricon Residential's payout ratio is 9.66%.
Analyst Ratings Changes
A number of research analysts have weighed in on TCN shares. Raymond James decreased their price objective on shares of Tricon Residential from $15.00 to $13.00 and set a "strong-buy" rating for the company in a research report on Wednesday, November 16th. Canaccord Genuity Group cut their target price on shares of Tricon Residential from $16.50 to $15.50 and set a "buy" rating for the company in a research note on Thursday, October 13th. The Goldman Sachs Group cut shares of Tricon Residential from a "buy" rating to a "neutral" rating and cut their target price for the stock from $11.00 to $9.50 in a research note on Thursday, December 8th. National Bank Financial cut their target price on shares of Tricon Residential from C$18.00 to C$15.00 in a research note on Monday, October 24th. Finally, Wolfe Research began coverage on shares of Tricon Residential in a research note on Tuesday, November 29th. They set a "market perform" rating for the company. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Tricon Residential has a consensus rating of "Moderate Buy" and a consensus price target of $12.92.
Tricon Residential Company Profile
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Tricon Residential, Inc is a residential real estate investment company. It owns and operates single family rental homes and multi-family rental apartments in the United States and Canada. It operates through the five reportable segments: Single Family Rental Business,Multi Family Rental Business, Residential Development Business, Private Funds and Advisory Business and Corporate Activities.
Further Reading
- Get a free copy of the StockNews.com research report on Tricon Residential (TCN)
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